Gold Dips, Silver Gains; US Mint Coin Sales Climb

Fine Gold Bullion 999.9
Gold declined Tuesday while silver, platinum and palladium gained

Precious metals futures mostly advanced to start the new trading week on Tuesday with U.S. markets closed on Monday for the Martin Luther King Jr. Day holiday. Gold was the exception, sliding for the second time in three sessions as investors’ appetite for risk increased slightly.

Gold for February delivery dipped $1.60, or 0.1%, to settle at $1,089.10 an ounce on the Comex division of the New York Mercantile Exchange.

“We’ve got a short-term easing of concerns around the market which puts pressure on gold and of course we’ve got a longer term trend of a stronger U.S. dollar,” Reuters quoted Michael McCarthy, chief market strategist at CMC Markets in Sydney.

Gold prices ranged from a low of $1,082.10 to a high of $1,094.50. The yellow metal rallied 1.6% on Friday — spurred by safe-haven demand when world stocks dived, but still ended 0.7% lower last week.

Higher for a second session in a row, silver for March delivery rose 22.5 cents, or 1.6%, to settle at $14.121 an ounce. Silver prices traded between $13.84 and $14.19. They added 1.1% on Friday, trimming their loss last week to 0.2%.

In other precious metals futures on Tuesday:

  • April platinum gained $2.80, or 0.3%, to $830.30 an ounce, ranging from $818.50 and $836.

  • Palladium for March delivery jumped $9.85, or 2%, to $496.90 an ounce, trading between $488.35 and $505.95.

London Precious Metals Prices

Earlier fixed London gold and silver prices were mixed. In comparing their levels from Monday PM to Tuesday PM:

  • Gold shed $2.95, or 0.3%, to $1,086.25 an ounce.
  • Silver added 15 cents, or 1.1%, to $14.03 an ounce.

LBMA platinum and palladium prices are available on the LBMA’s website with a delay of midnight.

US Mint Bullion Sales in 2016

The United States Mint posted strong bullion sales on Tuesday with its range of gold coins rising by 24,500 ounces and its one-ounce American Silver Eagles climbing by 950,000. The bullion increases pad the exceptional performances logged last week when newly 2016-dated editions went on sale.

The U.S. Mint is rationing 2016 American Silver Eagles because of silver planchet shortages. The agency set the Silver Eagle sales limit this week at 1 million coins, leaving 50,000 left until more become available next week. Buyers have scooped up nearly 5 million since their launch on Jan. 11, the most for a month since the just over 5.5 million sold in July.

Below is a sales breakdown of U.S. Mint bullion products with columns listing the number of bullion coins sold during varying periods. Products with an asterisk (*) have sold out.

US Mint Bullion Sales (# of coins)
Tuesday Last Week Dec Sales 2016 Sales
$50 American Eagle 1 Oz Gold Coins 16,500 52,500 N/A 69,000
$25 American Eagle 1/2 Oz Gold Coins 4,000 14,000 1,000 18,000
$10 American Eagle 1/4 Oz Gold Coins 2,000 26,000 N/A 28,000
$5 American Eagle 1/10 Oz Gold Coins 15,000 90,000 N/A 105,000
$50 American Buffalo 1 Oz Gold Coins 4,000 23,500 1,500 27,500
$1 American Eagle 1 Oz Silver Coins 950,000 4,000,000 2,333,500 4,950,000
2015 Homestead 5 Oz Silver Coins* N/A N/A
2015 Kisatchie 5 Oz Silver Coins*
2015 Blue Ridge Parkway 5 Oz Silver Coins*
2015 Bombay Hook 5 Oz Silver Coins*
2015 Saratoga 5 Oz Silver Coins* N/A 9,200
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